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The Company for Cooperative Insurance announces its Interim Condensed Consolidated Financial Results for the Period Ending on 2022-06-30 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Gross Written Premiums (GWP) 3,222,9202,265,05342.293,507,028-8.1
Net Written Premiums (NWP) 2,561,4691,776,93244.153,223,082-20.53
Net Incurred Claims 1,924,7881,608,99919.631,953,119-1.45
Net Profit (Loss) of Policy Holders Investment 60,16550,89318.2256,7066.1
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) 149,62396,67454.77-24,094-
Net Profit (loss) of Shareholders Capital Investment 23,88133,268-28.2213,29379.65
Net Profit (Loss) before Zakat 210,699165,93726.9841,492407.81
Total Comprehensive Income 111,112266,176-58.26-45,523-
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Gross Written Premiums (GWP) 6,729,9485,185,77329.78
Net Written Premiums (NWP) 5,784,5514,364,35432.54
Net Incurred Claims 3,877,9073,187,02221.68
Net Profit (Loss) of Policy Holders Investment 116,87186,22935.53
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) 125,529100,49424.91
Net Profit (loss) of Shareholders Capital Investment 37,17480,113-53.6
Net Profit (Loss) before Zakat 252,191246,7482.21
Total Comprehensive Income 65,589330,849-80.17
Total Share Holders Equity (after Deducting Minority Equity) 3,141,8802,954,9536.33
Profit (Loss) per Share 1.651.62
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is Net Profit before Zakat for the current quarter is SAR 210,699K, compared to SAR 165,937K for the same quarter of previous year. The reasons for the increase in net profit before zakat are mainly attributable to an increase in net underwriting income by SAR 97,703K, offset by increase in the net other operating expenses by SAR 46,603K, In addition, increase in policyholders' share of insurance operations surplus by SAR 6,223K.

The increase of SAR 97,703k in net underwriting income is mainly due to the following:

- Favorable increase in net earned premiums by SAR 594,790k, an increase of 30.38%, offset by;

- Increase in net claims incurred by SAR 315,789K, an increase of 19.63%.

- Increase in insurers share distribution costs by SAR 117,159K, an increase of 1271.81%.

- Increase in policy acquisition costs by SAR 42,121K, an increase of 53.44%.

- Increase in other underwriting expenses by SAR 18,135K, an increase of 61.87%.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is Net Profit before Zakat for the current quarter is 210,699K, compared to SAR SAR 41,492K for the previous quarter. The reasons for the increase in net profit before zakat are mainly attributable to an increase in net underwriting income by SAR 228,818K, increase in net investment profits by SAR 14,047K, offset by increase in the net other operating expenses by SAR 55,940K, In addition, increase in policyholders' share of insurance operations surplus by SAR 17,718K.

The increase of SAR 228,818k in net underwriting income is mainly due to the following:

- Favorable increase in net earned premiums by SAR 311,582k, an increase of 13.90%.

- Favorable decrease in net claims incurred by SAR 28,331K, a decrease of 1.45%. offset by;

- Increase in insurers share distribution costs by SAR 78,425K, an increase of 163.57%.

- Increase in policy acquisition costs by SAR 24,540K, an increase of 25.46%.

- Increase in other underwriting expenses by SAR 11,269K, an increase of 31.15%.

The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is Net Profit before Zakat for the current period is SAR 252,191K, compared to SAR 246,748K for the same period last year. The reasons for the increase in net profit before Zakat are mainly attributable to an increase in net underwriting income by SAR 85,667K, offset by decrease in net investment profits by SAR 12,297K, increase in the net other operating expenses by SAR 62,359K, In addition, increase in policyholders' share of insurance operations surplus by SAR 5,568K.

The increase of SAR 85,667k in net underwriting income is mainly due to the following:

- Favorable increase in net earned premiums by SAR 1,002,499k, an increase of 26.44%. offset by;

- Increase in net claims incurred by SAR 690,885K, an increase of 21.68%.

- Increase in insurers share distribution costs by SAR 158,750K, an increase of 1019.79%.

- Increase in policy acquisition costs by SAR 50,946K, an increase of 30.62%.

- Increase in other underwriting expenses by SAR 18,401K, an increase of 28.21%.

Statement of the type of external auditor's report Unmodified Conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion None
Reclassification of Comparison Items Certain of the prior period amounts have been reclassified to conform with the presentation in the current period. These changes were made for better presentation of balances and transactions in the interim condensed consolidated financial statements of the Company.
Additional Information EPS calculated based on Net Profit after Zakat

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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